Deductions Totaling $3,337.85

[lovemykidstoo]

You are not doing anything wrong. What other providers deduct should not be used as a guide to what you can deduct. When you buy something that is used by both your business and your family, use your time-space% and you'll be fine.

I definitely need more deductions. So far I have under the t/s utilities, homeowners insurance, taxes, cable/phone, Under my 100% I have business supplies (which I include training, items like cots/beds, bottles etc), gifts (which we can only do $25 per year per child right?), mileage, daycare liability insurance.

Reading through these threads. How do I categorize toilet paper, paper towels, paper plates, napkins, laundry soap because I was the bed linens, blankets etc, can I do dish soap, hand soap things like that that are non-food that we share with the daycare kids. Also thing for outside like salt to melt the ice, Anything else that I missed?

[TomCopeland]

expenses

I definitely need more deductions. So far I have under the t/s utilities, homeowners insurance, taxes, cable/phone, Under my 100% I have business supplies (which I include training, items like cots/beds, bottles etc), gifts (which we can only do $25 per year per child right?), mileage, daycare liability insurance.

Reading through these threads. How do I categorize toilet paper, paper towels, paper plates, napkins, laundry soap because I was the bed linens, blankets etc, can I do dish soap, hand soap things like that that are non-food that we share with the daycare kids. Also thing for outside like salt to melt the ice, Anything else that I missed?

The $25 limit per child only refers to gifts to children, not supplies. You can categorize expenses however you want. My book Family Child Care Record Keeping Guide lists over 1,000 deductions. See also my article: http://tomcopelandblog.com/whats-ded...-care-business

[lovemykidstoo]

The $25 limit per child only refers to gifts to children, not supplies. You can categorize expenses however you want. My book Family Child Care Record Keeping Guide lists over 1,000 deductions. See also my article: http://tomcopelandblog.com/whats-ded...-care-business

Thank you Tom. I definitely need your book!

I am stressing. My husband and I are both self-employed and he also works a regular job. He just called me and said we owe $9000!!!!! Help, I need to come up with some more expenses. I need to go through my checkbook and do something I"m not thinking of now. Where can I find more rightoffs? I didn't write off cleaning and laundry stuff before. How much does everyone do for that a year? Any ideas to get this amount down?

[lovemykidstoo]

The $25 limit per child only refers to gifts to children, not supplies. You can categorize expenses however you want. My book Family Child Care Record Keeping Guide lists over 1,000 deductions. See also my article: http://tomcopelandblog.com/whats-ded...-care-business

Thank you Tom. I'm going to buy your book! Can you tell me how t/s is figured? My tax person used 23% to take off on utilities, taxes ect, but I figured 28%. I wanted to see who did it right.

[lovemykidstoo]

Thank you Tom. I'm going to buy your book! Can you tell me how t/s is figured? My tax person used 23% to take off on utilities, taxes ect, but I figured 28%. I wanted to see who did it right.

Tom where is the best place to buy your book? Is there an online version I can buy?

[TomCopeland]

book

Tom where is the best place to buy your book? Is there an online version I can buy?

www.redleafpress.org; 800-423-8309
Here's the e-book: https://www.redleafpress.org/FCC-Rec...ook-P1200.aspx

[TomCopeland]

time-space%

Thank you Tom. I'm going to buy your book! Can you tell me how t/s is figured? My tax person used 23% to take off on utilities, taxes ect, but I figured 28%. I wanted to see who did it right.

Here's an article about this: http://tomcopelandblog.com/the-time-...ercentage-quiz

[lovemykidstoo]

Here's an article about this: http://tomcopelandblog.com/the-time-...ercentage-quiz

This helps alot I think what she did was figured it at a 40 hour a week job. That would put me at 2080 hours in a year leaving it at 24% t/s ratio.

My actual working hours with kids was 2,428 hours, so that would be 28% correct? If I'm reading your link correctly, I can add on at least an hour a day for cleaning, prepping, paperwork. If I do that, since I worked 243 days, that would be another 243 hours. So that would increase my t/s % to 30%. Am I figuring it right?

[TomCopeland]

time-space%

This helps alot I think what she did was figured it at a 40 hour a week job. That would put me at 2080 hours in a year leaving it at 24% t/s ratio.

My actual working hours with kids was 2,428 hours, so that would be 28% correct? If I'm reading your link correctly, I can add on at least an hour a day for cleaning, prepping, paperwork. If I do that, since I worked 243 days, that would be another 243 hours. So that would increase my t/s % to 30%. Am I figuring it right?

You can't automatically add an hour a day for cleaning, etc. You can add the hours you actually are working doing these activities when children are not present. It could be more or less than an hour a day. If you keep careful records for two months each year and use the average for those two months, you will be fine. Most providers underestimate their hours.

[lovemykidstoo]

You can't automatically add an hour a day for cleaning, etc. You can add the hours you actually are working doing these activities when children are not present. It could be more or less than an hour a day. If you keep careful records for two months each year and use the average for those two months, you will be fine. Most providers underestimate their hours.

I've always just used the hours the kids were in care, so I really am jipping myself. How do I record those hours, just use a notebook or something? What time can I record, recordkeeping, housework, shopping etc? I can't wait to get your book!!!! Any idea if Barnes and Noble carries it, I could go there tomorrow. So other than assuming an hour a day, are my calculations correct on t/s? Is there any way I could backtrack to last year and guestimate what I did extra to increase my t/s?

Can I add on the 8 hours I've logged doing all of my tax prep?

[Julia2]

I rent the first floor for 1200 utilities included, how I rent to my daycare, I supposed this is another deduction, thank you

[TomCopeland]

hours

I've always just used the hours the kids were in care, so I really am jipping myself. How do I record those hours, just use a notebook or something? What time can I record, recordkeeping, housework, shopping etc? I can't wait to get your book!!!! Any idea if Barnes and Noble carries it, I could go there tomorrow. So other than assuming an hour a day, are my calculations correct on t/s? Is there any way I could backtrack to last year and guestimate what I did extra to increase my t/s?

Can I add on the 8 hours I've logged doing all of my tax prep?

You can record these hours anywhere. I suggest putting them on a calendar. You want to record the time of day and what you did. You can count any time you are in your home when children are not present, doing something for your business that you wouldn't be doing if you weren't in business: cleaning, activity/meal preparation, record keeping, time on Daycare.com, tax preparation for your business, etc. My book is not in bookstores. Contact Redleaf Press.